Self Assessment

A Self-Assessments can be a daunting challenge, which can prove stressful and complicated.

At Jackson Accountants we can complete your Self-Assessments tax returns for you, providing we receive all of your paperwork or financial details in a reasonable time scale, prior to the HMRC deadline.

If all your paperwork is delivered on time, you will avoid the fines that are becoming more stringent by HMRC.

You will be required to send a Self-Assessments tax return if you are any of the following:

A self-employed sole trader.

A partner in a business partnership.

A company director.

Paying tax through PAYE but want to pay tax you owe without changing your tax code.

Employed and want to claim work expenses or professional subscriptions of more than £2,500.

A director of a charity who gets paid or receives ‘benefits’ – eg. travel expenses, or a company car.

You will also be required to send a Self-Assessments tax return if your income:

Is over £50,000 and you or your partner get Child Benefit.

Is taxable but HM Revenue and Customs (HMRC) can’t collect the tax through your tax code – eg you pay a higher rate of Income Tax and have savings or investments.

From savings and investments is £10,000 or more.

From untaxed savings or investments is £2,500 or more.

From property is £10,000 or more before allowable expenses or £2,500 more After allowable expenses.

From selling assets like shares or property means you need to pay Capital Gains Tax on the profit.

Is from overseas and UK tax must be paid on it.

Is more than £100,000 a year.

Other reasons for having to submit a Self-Assessment tax return include:

If you are finalising the affairs of someone who has died.

If you are a trustee of a trust or a registered pension scheme.

If you are have lived or worked abroad or you are not domiciled in the UK.

At Jackson Accountants we notify all our clients by letter, informing them of their Self-Assessment tax return deadline in advance.

This helps everyone to work towards completing their Self-Assessment tax return on time. Thus providing forward planning of tax payments that may be due for payment to HMRC and in some cases the wonderful joy of receiving a tax rebate.